One, a digital banking startup founded by former PayPal and Capital One executives, has officially launched.
After closing a $17 million Series A funding round in March, One is now live, targeting an underserved market segment: middle class Americans.
In a blog, One CEO and former Capital One exec Brian Hamilton says: "Despite the fact that 52% of Americans live in “middle-income” households, there doesn’t seem to be a banking service actually built with them in mind."
Hamilton founded One with former PayPal and Intuit CEO Bill Harris in order to change this with an app designed to help users build healthy financial habits and emergency savings, get real interest on those savings, and get credit based on income rather than just credit scores.
"One," says Hamilton is "the first digital banking service that seamlessly combines saving, spending, sharing, and borrowing into one account—with one card. You can use it jointly with anyone in your life, and there are no fees, overdrafts, minimums or 'gotchas.'"